DDM Analysis: 688768.SS

Valuation Snapshot

Stable Growth	$57.22 - $296.17	$115.99
Multi-Stage	$31.81 - $34.78	$33.27
Blended Fair Value	$74.63
Current Price	$46.81
Upside	59.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	36.73%	0.00%	0.11	0.34	0.13	0.01	0.05	0.02	0.03	0.05	0.00	0.00
YoY Growth	-	-	-68.20%	155.70%	1,586.41%	-84.03%	118.14%	-9.75%	-49.20%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.21%	1.10%	0.14%	0.02%	0.11%	0.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	131.70
(-) Cash Dividends Paid (M)	37.88
(=) Cash Retained (M)	93.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.34	16.46	9.88
Cash Retained (M)	93.82	93.82	93.82
(-) Cash Required (M)	-26.34	-16.46	-9.88
(=) Excess Retained (M)	67.48	77.36	83.94
(/) Shares Outstanding (M)	88.43	88.43	88.43
(=) Excess Retained per Share	0.76	0.87	0.95
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.76	0.87	0.95
(=) Adjusted Dividend	1.19	1.30	1.38
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.22	$115.99	$296.17
Upside / Downside	22.25%	147.78%	532.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	131.70	140.26	149.38	159.09	169.43	180.44	185.85
Payout Ratio	28.76%	41.01%	53.26%	65.50%	77.75%	90.00%	92.50%
Projected Dividends (M)	37.88	57.52	79.55	104.21	131.73	162.40	171.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	52.91	53.41	53.91
Year 2 PV (M)	67.31	68.59	69.88
Year 3 PV (M)	81.10	83.43	85.80
Year 4 PV (M)	94.30	97.92	101.65
Year 5 PV (M)	106.93	112.09	117.45
PV of Terminal Value (M)	2,410.16	2,526.57	2,647.43
Equity Value (M)	2,812.69	2,942.00	3,076.13
Shares Outstanding (M)	88.43	88.43	88.43
Fair Value	$31.81	$33.27	$34.78
Upside / Downside	-32.05%	-28.93%	-25.69%

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Anhui Ronds Science & Technology Incorporated Company (688768.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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